Dubai World offered to pay creditors an additional 1 percent interest upon the maturity of rolled-over loans that are part of a $14.2 billion debt restructuring, a banker familiar with the plan said.
The 1 percent rate would be on top of the 1 percent offered over the loans’ life, said the banker, who declined to be identified because the negotiations are ongoing and private. Banks are asking for different rates on dirham and dollar loans rather than the uniform 1 percent, he said.
A spokesmen for Dubai World and a spokeswoman for Dubai’s Department of Finance declined to comment. The Abu Dhabi-based The National newspaper reported the rate earlier today.
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